PPACA….Affordable Care Act…HealthCare Reform….Obamacare
All of these terms refer to the same thing and it is critical that each of us understand what the law’s impact will be. ComPro will be providing updates to help educate and inform you.
Chris McPike, ComPro Vice President
Beginning January 1, 2014 everyone under the age of 65 will be required to have health insurance. This is known as the Individual Mandate. There are several ways to satisfy this requirement:
1. You can purchase your own policy to cover yourself and your family members.
2. You can be enrolled in a group insurance plan provided by your employer or your spouse’s employer.
3. You may be enrolled in a governmental plan such as TriCare.
4. You may qualify for Medicaid or other assistance programs.
If you fail to enroll in a health insurance plan, you will be subject to a penalty that will be reported on your Federal income tax return. In 2014, the penalty will be $95 per adult ($47.50 /child) or 1% of income, whichever is greater.
Individuals: Individuals and families will be able to purchase health insurance “on” or “off” the Marketplace. All health insurance policies, regardless of whether purchased “on” or “off” the exchange, must comply with the ACA. Four health insurance companies and one dental insurance company will participate on the Marketplace in Nebraska. They are BlueCross BlueShield of Nebraska, Coventry, CoOportunity Health, Health Alliance, and Delta Dental. These companies along with others who have chosen not to be “on” the Marketplace will offer health and dental insurance products “off” the Marketplace.
If your income is 400% or less of the Federal Poverty Level, you may qualify for assistance in paying your premiums. Those who are eligible for the Advance Premium Tax Credit will have their premium adjusted to a percentage of their income. The only way to access this tax credit is by enrolling in an insurance plan on the Marketplace.
Employers: The ACA has divided employers into two groups based on the number of employees. Employers with less than 50 Full-Time Equivalents employees are considered Small Employers. Those with 50 or more Full-Time Equivalent employees are Large Employers. These definitions may change in future years.
Small Employers are not required to provide health insurance for its employees and there is no associated penalty or tax. Under the ACA, Large Employers are required to provide health insurance that complies with the benefit and affordability standards of the law. However, the implementation of this “Employer Mandate” has been postponed until January 1, 2015.
For a quote call: 402.488.5100 or visit www.comproins.com
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